Jim Taiclet, American Tower’s Chief Executive Officer stated, “During the second quarter, we continued to translate strong global wireless trends into solid performance. We added substantial new lease and amendment business in both the U.S. and across our global markets, and for the first time in our company’s history, our international segment generated higher commenced new business than our domestic segment.

As a result, we delivered Core Growth that was ahead of internal expectations in all of our key business metrics, including 23% growth in rental revenue and 24% growth in Adjusted EBITDA. Our expectations for the full year are that disciplined cost management and outperformance in our core business will exceed potential headwinds from foreign currency fluctuations, and we are therefore maintaining our full year 2012 outlook for rental revenue and raising outlook for Adjusted EBITDA and AFFO.”

SECOND QUARTER 2012 OPERATING RESULTS OVERVIEW

American Tower generated the following operating results for the quarter ended June 30, 2012 (unless otherwise indicated, all comparative information is presented against the quarter ended June 30, 2011).

Total revenue increased 16.8% to $697.7 million and total rental and management revenue increased 16.9% to $682.3 million. Total rental and management Gross Margin increased 17.6% to $521.0 million. Total selling, general, administrative and development expense was $76.8 million, including approximately $13.1 million of stock-based compensation expense. Adjusted EBITDA increased 19.7% to $465.6 million, and the Adjusted EBITDA Margin was 67%.

The Company’s second quarter 2012 results include the reversal of approximately $4.9 million of revenue reserves and approximately $3.8 million of bad debt expense reserves, attributable to one of the Company’s tenants in Mexico.

Total rental and management revenue Core Growth was approximately 22.7%, and Core Growth in Adjusted EBITDA was approximately 24.1%. Please refer to the selected statement of operations detail on page 14, which highlights the items affecting the Core Growth percentages.

Operating income increased 19.8% to $270.5 million. During the quarter, the Company recognized unrealized non-cash losses of $114.9 million associated with fluctuations in foreign currency exchange rates related to intercompany loans and similar unaffiliated balances. In addition, the Company recorded $47.6 million related to a valuation allowance attributable to net operating losses generated by its international rental and management segment. As a result, net income attributable to American Tower Corporation decreased 58.2% to $48.2 million and net income attributable to American Tower Corporation per basic and diluted common share both decreased 58.6% to $0.12.

Adjusted Funds From Operations (AFFO) increased 14.3% to $300.5 million, and AFFO per Share increased 13.6% to $0.75. Core Growth in AFFO was approximately 23.4%.

American Tower generated the following operating results for the six months ended June 30, 2012 (unless otherwise indicated, all comparative information is presented against the six months ended June 30, 2011).

Total revenue increased 20.2% to $1,394.3 million and total rental and management revenue increased 20.9% to $1,366.3 million. Total rental and management Gross Margin increased 20.8% to $1,045.0 million. Total selling, general, administrative and development expense was $156.4 million, including approximately $25.7 million of stock-based compensation expense. Adjusted EBITDA increased 21.1% to $928.2 million, and the Adjusted EBITDA Margin was 67%.

Total rental and management revenue Core Growth was approximately 23.6%, and Core Growth in Adjusted EBITDA was approximately 23.3%. Please refer to the selected statement of operations detail on page 14, which highlights the items affecting the Core Growth percentages.

Operating income increased 22.7% to $544.9 million, net income attributable to American Tower Corporation increased 30.2% to $269.5 million, and net income attributable to American Tower Corporation per basic and diluted common share both increased 30.8% to $0.68.

AFFO increased 19.8% to $624.4 million, and AFFO per Share increased 20.8% to $1.57. Core Growth in AFFO was approximately 22.2%.

Cash Paid for Capital Expenditures – During the second quarter of 2012, total capital expenditures of $105.4 million included $49.5 million for capital projects, including the construction of 64 communications sites domestically and 500 towers internationally and the installation of 94 shared generators domestically; $12.5 million to purchase land under the Company’s communications sites; $18.1 million for the redevelopment of existing communications sites to accommodate new tenant equipment; and $25.2 million for capital improvements and corporate capital expenditures.

During the first half of 2012, total capital expenditures of $226.4 million included $113.3 million for capital projects, including the construction of 93 communications sites domestically and 1,097 towers internationally and the installation of 203 shared generators domestically; $27.2 million to purchase land under the Company’s communications sites; $40.9 million for the redevelopment of existing communications sites to accommodate new tenant equipment; and $45.0 million for capital improvements and corporate capital expenditures.

Cash Paid for Acquisitions – During the second quarter of 2012, the Company spent $373.5 million on acquisitions, which consisted of the purchase of 45 domestic towers and 1,120 international towers and amounts due for previously closed acquisitions. During the second quarter of 2012, the Company closed and paid for the following international towers, pursuant to previously announced agreements: 29 towers in Colombia, 129 towers in Mexico and 962 towers in Uganda. In addition, at the end of the quarter, the Company acquired 700 towers in Brazil, which were funded subsequent to the second quarter of 2012.

During the first half of 2012, the Company spent $532.9 million on acquisitions, which consisted of the purchase of 80 domestic towers, 1,920 international towers and amounts due for acquisitions that closed in December of 2011.

Stock Repurchase Program – During the second quarter of 2012, the Company repurchased a total of approximately 0.1 million shares of its common stock for approximately $5.9 million pursuant to its stock repurchase program. Between July 1, 2012 and July 20, 2012, the Company repurchased approximately 17,900 additional shares of its common stock for an aggregate of approximately $1.3 million.

During the first half of 2012, the Company repurchased a total of approximately 0.2 million shares of its common stock for approximately $10.8 million pursuant to its stock repurchase program.

Distributions – On July 18, 2012, the Company paid its second regular distribution to stockholders of record at the close of business on July 2, 2012 of $0.22 per share, or an aggregate of approximately $86.9 million.

During the first half of 2012, the Company declared an aggregate distribution of $0.43 per share, or approximately $169.8 million payable to its stockholders of record. Subject to the discretion of the Company’s Board of Directors, the Company expects to continue paying regular distributions, the amount and timing of which will be determined by the Board.

Leverage – For the quarter ended June 30, 2012, the Company’s net leverage ratio was approximately 3.7x net debt (total debt less cash and cash equivalents) to second quarter 2012 annualized Adjusted EBITDA.

Liquidity – As of June 30, 2012, the Company had approximately $2.5 billion of total liquidity, comprised of approximately $481.9 million in cash and cash equivalents, plus the ability to borrow an aggregate of approximately $2.0 billion under its two revolving credit facilities, net of any outstanding letters of credit.

FULL YEAR 2012 OUTLOOK

The following estimates are based on a number of assumptions that management believes to be reasonable and reflect the Company’s expectations as of August 1, 2012. Actual results may differ materially from these estimates as a result of various factors and the Company refers you to the cautionary language regarding “forward-looking” statements included in this press release when considering this information.

The Company’s outlook for total rental and management revenue reflects the following at the midpoint: (1) domestic rental and management segment revenue of $1,910 million; and (2) international rental and management segment revenue of $860 million, which includes approximately $220 million of pass-through revenue.

The calculation of midpoint Core Growth is as follows:

(Totals may not add due to rounding.)

Total Rental and

Management

Revenue

Adjusted

EBITDA

AFFO(1)

Outlook midpoint Core Growth

20.4%

18.8%

17.0%

Estimated impact of fluctuations in foreign currency exchange rates

(3.9)%

(3.2)%

(3.5)%

Impact of straight-line revenue and expense recognition

(0.9)%

(1.3)%

-

Impact of significant one-time items

0.5%

0.4%

(0.1)%

Outlook midpoint growth

16.1%

14.7%

13.3%

(1) Core Growth in AFFO reflects approximately $20 million of one-time start-up capital improvement capital expenditures related to our joint ventures in Colombia, Ghana and Uganda, which is partially offset by approximately $12.4 million, attributable to a tax refund, received in the first quarter of 2012.

Outlook for Capital Expenditures:

($ in millions)

(Totals may not add due to rounding.)

Full Year 2012

Capital improvement

$75

to

$85

Corporate

15

-

15

Redevelopment

75

to

85

Ground lease purchases

70

to

80

Discretionary capital projects (1)

265

to

335

Total

$500

to

$600

__________________________

(1) Includes the construction of approximately 1,800 to 2,200 new communications sites.

Reconciliations of Outlook for Net Income to Adjusted EBITDA:

($ in millions)

(Totals may not add due to rounding.)

Full Year 2012

Net income

$535

to

$555

Interest expense

395

to

400

Depreciation, amortization and accretion

660

to

670

Stock-based compensation expense

53

to

55

Other, including other operating expenses, interest income, loss on

retirement of long-term obligations, (income) loss on equity method

investments, other (income) expense and income tax provision

(benefit)

167

to

170

Adjusted EBITDA

$1,810

to

$1,850

Reconciliations of Outlook for Net Income to Adjusted Funds From Operations:

American Tower will host a conference call today at 8:30 a.m. ET to discuss its financial results for the second quarter ended June 30, 2012 and its outlook for the full year 2012. Supplemental materials for the call will be available on the Company’s website, www.americantower.com. The conference call dial-in numbers are as follows:

U.S./Canada dial-in: (866) 740-9153

International dial-in: (706) 645-9644

Passcode: 11328188

When available, a replay of the call can be accessed until 11:59 p.m. ET on August 15, 2012. The replay dial-in numbers are as follows:

U.S./Canada dial-in: (855) 859-2056

International dial-in: (404) 537-3406

Passcode: 11328188

American Tower will also sponsor a live simulcast and replay of the call on its website, www.americantower.com.

About American Tower

American Tower is a leading independent global owner, operator and developer of wireless communications sites. American Tower currently owns and operates over 49,000 communications sites in the United States, Brazil, Chile, Colombia, Ghana, India, Mexico, Peru, South Africa and Uganda. For more information about American Tower, please visit www.americantower.com.

Non-GAAP and Defined Financial Measures

In addition to the results prepared in accordance with generally accepted accounting principles in the United States (GAAP) provided throughout this press release, the Company has presented the following non-GAAP and defined financial measures: Gross Margin, Operating Profit, Operating Profit Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Funds From Operations, Adjusted Funds From Operations, Adjusted Funds From Operations per Share, Core Growth and Net Leverage Ratio. As a result of significant non-cash changes to the carrying amount of our long-term deferred income tax assets, as reflected in the income tax provision, the Company has adjusted its definition of Adjusted Funds From Operations to reflect cash taxes paid. The Company believes that this revised methodology more accurately reflects the ongoing cash obligation of the Company’s current income tax liabilities.

The Company defines Gross Margin as revenues less operating expenses, excluding stock-based compensation expense. The Company defines Operating Profit as Gross Margin less selling, general, administrative and development expense, excluding stock-based compensation expense and corporate expenses. For reporting purposes, the international rental and management segment Operating Profit and Gross Margin also include interest income, TV Azteca, net. These measures of Gross Margin and Operating Profit are also before interest income, interest expense, loss on retirement of long-term obligations, other income (expense), net income attributable to non-controlling interest, income (loss) on equity method investments, income taxes and discontinued operations. The Company defines Operating Profit Margin as the percentage that results from dividing Operating Profit by revenue. The Company defines Adjusted EBITDA as net income before income (loss) from discontinued operations, net, income (loss) from equity method investments, income tax provision (benefit), other (income) expense, loss on retirement of long-term obligations, interest expense, interest income, other operating expenses, depreciation, amortization and accretion and stock-based compensation expense. The Company defines Adjusted EBITDA Margin as the percentage that results from dividing Adjusted EBITDA by total revenue. The Company defines Funds From Operations as net income before real estate related depreciation, amortization and accretion. The Company defines Adjusted Funds From Operations as Funds From Operations before straight-line revenue and expense, stock-based compensation expense, non-cash portion of tax provision, non-real estate related depreciation, amortization and accretion, amortization of deferred financing costs, debt discounts and capitalized interest, other (income) expense, loss on retirement of long-term obligations, other operating (income) expense, less cash payments related to capital improvements and cash payments related to corporate capital expenditures. The Company defines Adjusted Funds From Operations per Share as Adjusted Funds From Operations divided by the diluted weighted average common shares outstanding. Funds From Operations for the three and six months ended June 30, 2011 are presented on a pro forma basis and reflect adjustments for income tax provision as if the REIT conversion had occurred on January 1, 2011. The Company defines Core Growth in total rental and management revenue and Adjusted EBITDA as the increase or decrease, expressed as a percentage, resulting from a comparison of financial results for a current period with corresponding financial results for the corresponding period in a prior year, in each case, excluding the impact of straight-line revenue and expense recognition, foreign currency exchange rate fluctuations and significant one-time items. The Company defines Net Leverage Ratio as net debt (total debt, less cash and cash equivalents) divided by last quarter annualized Adjusted EBITDA. These measures are not intended to replace financial performance measures determined in accordance with GAAP. Rather, they are presented as additional information because management believes they are useful indicators of the current financial performance of the Company’s core businesses. The Company believes that these measures can assist in comparing company performances on a consistent basis irrespective of depreciation and amortization or capital structure. Depreciation and amortization can vary significantly among companies depending on accounting methods, particularly where acquisitions or non-operating factors, including historical cost bases, are involved. Notwithstanding the foregoing, the Company’s measures of Gross Margin, Operating Profit, Operating Profit Margin, Adjusted EBITDA, Adjusted EBITDA Margin, Funds From Operations, Adjusted Funds From Operations, Adjusted Funds From Operations per Share, Core Growth and Net Leverage Ratio may not be comparable to similarly titled measures used by other companies.

Cautionary Language Regarding Forward-Looking Statements

This press release contains "forward-looking statements" concerning our goals, beliefs, expectations, strategies, objectives, plans, future operating results and underlying assumptions, and other statements that are not necessarily based on historical facts. Examples of these statements include, but are not limited to statements regarding our full year 2012 outlook, foreign currency exchange rates and our expectation regarding the declaration of regular distributions. Actual results may differ materially from those indicated in our forward-looking statements as a result of various important factors, including: (1) decrease in demand for our communications sites would materially and adversely affect our operating results and we cannot control that demand; (2) if our tenants consolidate, merge or share site infrastructure with each other to a significant degree, our growth, revenue and ability to generate positive cash flows could be materially and adversely affected; (3) new technologies or changes in a tenant’s business model could make our tower leasing business less desirable and result in decreasing revenues; (4) our expansion initiatives may disrupt our operations or expose us to additional risk if we are not able to successfully integrate operations, assets and personnel; (5) if we fail to qualify as a REIT or fail to remain qualified as a REIT, we would be subject to tax at corporate income tax rates, which would substantially reduce funds available; (6) we could suffer adverse tax and other financial consequences if taxing authorities do not agree with our tax positions; (7) failure to make required distributions would subject us to federal corporate income tax, which may limit our ability to fund these distributions using cash generated through our taxable REIT subsidiaries (TRSs); (8) certain of our business activities will be subject to corporate level income tax and foreign taxes, which will reduce our cash flows, and we will have potential deferred and contingent tax liabilities; (9) complying with REIT requirements may limit our flexibility or cause us to forego otherwise attractive opportunities; (10) our extensive use of TRSs, in particular for our international operations, may cause us to fail to qualify as a REIT; (11) our foreign operations are subject to economic, political and other risks that could materially and adversely affect our revenues or financial position, including risks associated with fluctuations in foreign currency exchange rates; (12) our business is subject to government regulations and changes in current or future laws or regulations could restrict our ability to operate our business as we currently do; (13) a substantial portion of our revenue is derived from a small number of tenants; (14) due to the long-term expectations of revenue growth from tenant leases, we are sensitive to changes in the creditworthiness and financial strength of our tenants; (15) if we are unable to protect our rights to the land under our towers, it could adversely affect our business and operating results; (16) we may need additional financing to fund capital expenditures, future growth and expansion initiatives and satisfy our REIT distribution requirements; (17) our leverage and debt service obligations may materially and adversely affect us; (18) restrictive covenants in the loan agreements related to our Securitization, the loan agreements for the credit facilities and the indentures governing our debt securities could materially and adversely affect our business by limiting flexibility; (19) increasing competition in the tower industry may create pricing pressures that may materially and adversely affect us; (20) if we are unable or choose not to exercise our rights to purchase towers that are subject to lease and sublease agreements at the end of the applicable period, our cash flows derived from such towers would be eliminated; (21) we may incur goodwill and other intangible impairment charges which may require us to record a significant charge to earnings; (22) we have limited experience operating as a REIT, which may adversely affect our financial condition, results of operations, cash flow, per share trading price of our common stock and ability to satisfy debt service obligations; (23) distributions payable by REITs generally do not qualify for reduced tax rates; (24) we could have liability under environmental and occupational safety and health laws; (25) our towers or data centers may be affected by natural disasters and other unforeseen damage for which our insurance may not provide adequate coverage; and (26) our costs could increase and our revenues could decrease due to perceived health risks from radio emissions, especially if these perceived risks are substantiated. For additional information regarding factors that may cause actual results to differ materially from those indicated in our forward-looking statements, we refer you to the information contained in Item 1A of our Form 10-Q for the three months ended March 31, 2012. We undertake no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

June 30,

December 31,

2012

2011 (1)

ASSETS:

Current assets:

Cash and cash equivalents

$481,937

$330,191

Restricted cash

38,760

42,770

Short-term investments and available-for-sale securities

29,492

22,270

Accounts receivable, net

99,181

100,792

Prepaid and other current assets

240,653

254,750

Deferred income taxes

28,986

29,596

Total current assets

919,009

780,369

Property and equipment, net

5,079,729

4,894,205

Goodwill

2,714,718

2,670,342

Other intangible assets, net

2,569,999

2,511,380

Deferred income taxes

213,779

206,711

Deferred rent asset

687,497

609,529

Notes receivable and other long-term assets

524,628

557,278

Total

$12,709,359

$12,229,814

LIABILITIES:

Current liabilities:

Accounts payable

$201,386

$216,448

Accrued expenses

325,056

304,208

Distributions payable

86,994

-

Accrued interest

73,776

65,729

Current portion of long-term obligations

127,867

101,816

Unearned revenue

91,414

92,708

Total current liabilities

906,493

780,909

Long-term obligations

7,337,552

7,134,492

Asset retirement obligations

379,358

344,180

Other long-term liabilities

599,766

560,091

Total liabilities

9,223,169

8,819,672

COMMITMENTS AND CONTINGENCIES

EQUITY:

Common stock

3,952

3,936

Additional paid-in capital

4,946,255

4,903,800

Distributions in excess of earnings

(1,378,518)

(1,477,899)

Accumulated other comprehensive loss

(203,303)

(142,617)

Treasury Stock (2)

(10,838)

-

Total American Tower Corporation equity

3,357,548

3,287,220

Non-controlling interest

128,642

122,922

Total equity

3,486,190

3,410,142

Total

$12,709,359

$12,229,814

(1)

December 31, 2011 balances have been revised to reflect purchase accounting measurement period adjustments.

(2)

As part of the Company’s reorganization to qualify as a REIT for federal income tax purposes, effective December 31, 2011, the Company completed the merger with its predecessor, as approved by the Company’s stockholders in November 2011. At the time of the merger, each share of Class A common stock of American Tower held in treasury at December 31, 2011 ceased to be outstanding, and a corresponding adjustment was recorded to additional paid‐in capital and common stock.

(In thousands, except where noted. Totals may not add due to rounding.)

Selected Balance Sheet Detail:

Long-term obligations summary, including current portion

June 30, 2012

2011 Credit Facility

$-

2012 Credit Facility

-

2012 Term Loan

750,000

4.625% Senior Notes due 2015

599,563

7.000% Senior Notes due 2017

500,000

4.500% Senior Notes due 2018

999,363

7.250% Senior Notes due 2019

296,047

5.05% Senior Notes due 2020

699,295

5.900% Senior Notes due 2021

499,329

4.700% Senior Notes due 2022

698,706

Total unsecured debt at American Tower Corporation

$5,042,303

Commercial Mortgage Pass-Through Certificates, Series 2007-1

1,750,000

Unison Notes (1)

208,065

South African Facility (2)

84,148

Colombian short-term credit facility (2)

79,090

Colombian bridge loans (2)

46,320

Colombian loan (3)

13,192

Ghana loan (3)

130,951

Uganda loan (3)

61,023

Other debt, including capital leases

50,327

Total secured, subsidiary or other debt

$2,423,116

Total debt

$7,465,419

Cash and cash equivalents

481,937

Net debt (Total debt less cash and cash equivalents)

$6,983,482

(1)

The Unison Notes are secured debt and were assumed as a result of the acquisition of certain legal entities holding a portfolio of property interests from Unison Holdings LLC and Unison Site Management II, L.L.C.

(2)

Denominated in local currency.

(3)

Denominated in USD.

Three Months Ended

Calculation of Net Leverage Ratio ($ in thousands)

June 30, 2012

Total debt

$7,465,419

Cash and cash equivalents

481,937

Numerator: net debt (total debt less cash and cash equivalents)

$6,983,482

Adjusted EBITDA

$465,639

Denominator: annualized Adjusted EBITDA

1,862,556

Net leverage ratio

3.7x

UNAUDITED SELECTED FINANCIAL INFORMATION

(In thousands, except where noted. Totals may not add due to rounding.)

Three Months Ended

Six Months Ended

Share count rollforward: (in millions of shares)

June 30, 2012

June 30, 2012

Total common shares, beginning of period

394.6

393.6

Common shares repurchased

(0.1)

(0.2)

Common shares issued

0.5

1.6

Total common shares outstanding, end of period (1)

395.0

395.0

(1)

As of June 30, 2012, excludes (a) 3.8 million potentially dilutive shares associated with vested and exercisable stock options with an average exercise price of $36.13 per share, (b) 2.8 million potentially dilutive shares associated with unvested stock options, and (c) 2.0 million potentially dilutive shares associated with unvested restricted stock units.

Total rental and management straight-line revenue and expense:

In accordance with GAAP, the Company recognizes consolidated rental and management revenue and expense related to non-cancellable tenant and ground lease agreements with fixed escalations on a straight-line basis, over the applicable lease term. As a result, the Company’s revenue recognized may differ materially from the amount of cash collected per tenant lease, and the Company’s expense incurred may differ materially from the amount of cash paid per ground lease. Additional information regarding straight-line accounting can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2011 in the section entitled "Revenue Recognition," of note 1, "Business and Summary of Significant Accounting Policies" within the notes to the consolidated financial statements. A summary of total rental and management straight-line revenue and expense, which represents the non-cash revenue and expense recorded due to straight-line recognition, is as follows:

Three Months Ended

Six Months Ended

June 30,

June 30,

2012

2011

2012

2011

Total rental and management operations straight-line revenue

$39,056

$30,470

$77,559

$60,313

Total rental and management operations straight-line expense

8,294

8,117

18,029

15,256

Three Months Ended

Six Months Ended

June 30,

June 30,

Selling, general, administrative and development expense breakout:

2012

2011

2012

2011

Total rental and management overhead

$40,578

$39,350

$83,873

$74,990

Network development services segment overhead

1,925

1,549

2,283

3,212

Corporate and development expenses

21,236

19,735

44,583

36,206

Stock-based compensation expense

13,109

11,687

25,693

24,045

Total

$76,848

$72,321

$156,432

$138,453

Three Months Ended

Six Months Ended

June 30,

June 30,

International pass-through revenue detail:

2012

2011

2012

2011

Pass-through revenue

$55,344

$39,846

$103,970

$72,983

SELECTED CASH FLOW DETAIL:

Three Months Ended

Six Months Ended

June 30,

June 30,

Payments for purchase of property and equipment and construction activities:

2012

2011

2012

2011

Discretionary capital projects

$49,533

$75,205

$113,271

$132,035

Discretionary ground lease purchases

12,475

28,024

27,189

48,554

Redevelopment

18,143

15,164

40,955

22,869

Capital improvements

20,505

14,208

36,061

24,364

Corporate

4,714

6,078

8,926

8,759

Total

$105,370

$138,679

$226,402

$236,580

UNAUDITED SELECTED FINANCIAL INFORMATION

(Totals may not add due to rounding.)

SELECTED STATEMENT OF OPERATIONS DETAIL:

The following table reflects the estimated impact of foreign currency exchange rate fluctuations, straight-line revenue and expense recognition and material one-time items on total rental and management revenue, Adjusted EBITDA and AFFO:

The calculation of Core Growth is as follows:

Total Rental and

Management

Revenue

Adjusted EBITDA

AFFO

Three Months Ended June 30, 2012

Core Growth

22.7%

24.1%

23.4%

Estimated impact of fluctuations in foreign currency exchange rates

(6.3)%

(5.3)%

(6.8)%

Impact of straight-line revenue recognition

0.5%

0.9%

-

Impact of material one-time items

-

-

(2.3)%

Reported growth

16.9%

19.7%

14.3%

Total Rental and

Management

Revenue

Adjusted EBITDA

AFFO

Six Months Ended June 30, 2012

Core Growth

23.6%

23.3%

22.2%

Estimated impact of fluctuations in foreign currency exchange rates

(4.3)%

(3.5)%

(4.4)%

Impact of straight-line revenue recognition

0.4%

0.6%

-

Impact of material one-time items

1.2%

0.7%

2.0%

Reported growth

20.9%

21.1%

19.8%

SELECTED PORTFOLIO DETAIL - OWNED SITES:

Tower Count (1):

As of March 31, 2012

Constructed

Acquired

Adjustments

As of June 30, 2012

United States (2)

21,488

63

45

(4)

21,592

Brazil

3,357

38

700

-

4,095

Chile

1,168

12

-

-

1,180

Colombia

2,677

-

29

-

2,706

Ghana

1,875

19

-

1

1,895

India

9,301

416

-

-

9,717

Mexico (3)

5,076

15

129

(4)

5,216

Peru

475

-

-

-

475

South Africa

1,365

-

-

-

1,365

Uganda

-

-

962

-

962

Total

46,782

563

1,865

(7)

49,203

(1)

Excludes In-Building and Outdoor Distributed Antenna System Networks.

(2)

United States tower count includes 274 broadcast towers.

(3)

Mexico tower count includes 199 broadcast towers.

UNAUDITED RECONCILIATIONS TO GAAP MEASURES AND THE CALCULATION OF DEFINED FINANCIAL MEASURES(In thousands, except where noted. Totals may not add due to rounding.)

The reconciliation of net income to Adjusted EBITDA and the calculation of Adjusted EBITDA Margin are as follows:

Three Months Ended

Six Months Ended

June 30,

June 30,

2012

2011

2012

2011

Net income

$33,689

$113,171

$244,047

$205,132

Income from equity method investments

(5)

(11)

(23)

(12)

Income tax provision

23,815

65,877

51,063

137,300

Other expense (income)

118,623

(21,459)

65,762

(35,166)

Loss on retirement of long-term obligations

-

-

398

-

Interest expense

100,233

74,512

195,350

148,939

Interest income

(2,283)

(2,711)

(4,536)

(5,015)

Other operating expenses

5,944

9,490

27,791

21,194

Depreciation, amortization and accretion

172,072

138,558

321,727

269,789

Stock-based compensation expense

13,551

11,687

26,596

24,045

Adjusted EBITDA

$465,639

$389,114

$928,175

$766,206

Divided by total revenue

697,734

597,235

1,394,251

1,159,930

Adjusted EBITDA Margin

67%

65%

67%

66%

UNAUDITED REIT MEASURES AND RECONCILIATIONS TO GAAP MEASURES

(In thousands, except per share data. Totals may not add due to rounding.)

The reconciliation of net income to Funds From Operations and the calculation of Adjusted Funds From Operations and Adjusted Funds From Operations per Share are presented below:

Adjustment for June 30, 2011 assumes the REIT election occurred on January 1, 2011, and that as a result, income taxes would no longer be payable on certain of the Company’s activities. As a result, on a pro forma basis, income tax expense is lower by the amount of the adjustment. For more information, see Note (B) to Unaudited Pro Forma Consolidated Financial Statements in the Company’s Definitive Proxy Statement, filed with the SEC on October 11, 2011. The pro forma adjustment set forth in this footnote has been made solely for the purpose of this pro forma information. This information is not necessarily indicative of the financial position or operating results that would have been achieved had the REIT election been completed as of January 1, 2011, nor is it necessarily indicative of future financial position or operating results. It also does not reflect one-time transaction costs related to the REIT election and the potential immaterial effect of lower cash balances these transactions have on interest income, higher borrowing costs or foregone investment opportunities.

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